blue bird flying through the chop
$SPY was off to a positive start this morning but quickly found overhead supply above 202.50. This steep downtrend is still fresh and firmly in tact and upside momentum will be difficult at this stage of the game. This type of environment, especially for my style, is the ‘avoid’ phase. Let charts firm up and look for those out and under performers.
$TWTR an outperformer today and an important thrust off an already sloppy support area around $35. Buyers are stepping up here in an otherwise flat session and that’s a positive. 39 is ultimately the resistance level the bulls will need to conquer if they really want to heal up these longer term charts. It’s not actionable enough for me just yet, but a few more days of sideways/firming action and I would be in the market for a breakout. On watch.
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